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Chesterfield County Residential Revolving Loan Fund

Virginia LISC and Chesterfield County are partnering together to address housing vacancy and blight. With the Chesterfield County Residential Revolving Loan Fund, we are offering below-market interest rate loans for the development, maintenance, and rehabilitation of affordable housing.

Eligible Activities

  • Loans for acquisition, predevelopment and rehabilitation of residential properties
  • Single-family properties
  • Multi-family (2-4 unit) properties
  • Properties located in a target neighborhood or corridor identified by Chesterfield County

Loan Terms

  • Loan Size: Up to $300,000
  • LTV: Up to 90%
  • Interest Rate: 3%
  • Maturity: Up to 3 years with amortizations up to 20
  • Collateral: Deed of trust on acquired properties and other assets, if required
  • Other: Full Recourse. Personal financial statement required of principal owners of for-profit borrowers

Evaluation Criteria

  1. Project revitalizes a corridor or neighborhood and eliminates blight
  2. Demonstrates leverage of other investments
  3. Project proforma
  4. Evidence of project readiness

*LISC and Chesterfield County reserve the right to review and approve and disapprove proposed projects

Eligible Borrowers

  • Nonprofits
  • Projects with nonprofit partners
  • For-profit entities

For More Information

Schirra Hayes, Senior Program Officer
(W) 804-505-4165
(E) wshayes@lisc.org

 
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